Best Buy Optimistic on Smartphone Holiday Sales; Stock Up After Q3 Results
Despite “some waning in consumer confidence,” Best Buy sees strong consumer sentiment, so smartphones and some other technology sales are expected to grow “a little more” in Q4, said Chief Financial Officer Matt Bilunas on a Tuesday Q3 call. Domestic…
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online revenue grew 15 percent year on year, primarily on higher order value, he said. Q4 revenue of $14.75 billion-$15.15 billion assumes announced Dec. 15 tariffs take hold. The retailer is bringing in products before tariff implementation; making strategic decisions on vendors and products; making sourcing and pricing changes; and developing strategies with vendors. The most relevant tariffed categories for Best Buy for coming tariff products include smartwatches, smartphones and videogame consoles, the CFO said. Fulfillment options available to consumers have “completely changed the competitive landscape” for how quickly shoppers can get their items, CEO Corie Barry. The stock closed up 9.8 percent at $81.53.